Toyota, BMW steer into green tech
BMW will also be supplying 1.6 and 2.0 liter diesel engines to Toyota from 2014 in Europe, Reuters reported.
Other automakers such as Nissan Motor Co., Daimler AG, and Renault SA have previously made cooperation deals to cater to consumers' mixed preferences and increasingly tough environmental standards.
While several partnerships in the auto industry have ended due to corporate culture differences, Toyota Motor Europe president and CEO Didier Leroy believed both parties were on the same frequency as both were essentially engineering companies.
The article further revealed Toyota's decision to bring in a diesel supplier was a reversal in strategy following the death of its plan to develop 1.6-litre diesel engines with Isuzu Motors Ltd.
Toyota has previously experienced a loss in market share in Europe due to a shortage of diesel cars, after president Akio Toyoda's announcement that the company would be shifting its focus from diesel to hybrid vehicles.
While hybrid has been deemed necessary, these vehicles only accounted for no more than 2% of Toyota's global sales.
The collaboration on next-generation lithium-ion batteries research will help both BMW and Toyota speed up the pace and save costs, according to Toyota's R&D chief Takeshi Uchiyamada.
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